The State Teachers Retirement System of Ohio is spending nearly $324,000 to renovate space at a Dallas office tower, according to a state filing.
However, the document provides no other details about what the organization is planning at 1900 Pearl Street — a 25-story luxury building in the Dallas Arts District. Dan Minnich, a spokesperson for the State Teachers Retirement System of Ohio, told The Dallas Express that he “can share that this is a renovation of tenant space.” He declined to elaborate but said the construction cost of $32.3 million listed in the filing was a “clerical error.”
The organization “is one of the largest public pension funds in the United States, serving active, inactive and retired Ohio public educators.” As of June 30, 2023, it recorded almost $93 billion in total investments. For fiscal year 2023, the State Teachers Retirement System of Ohio reported $7.5 billion in benefit payments.
According to its website, about 70% of the organization’s investment assets are managed internally by associates who “oversee diversified portfolios of equity (common and preferred stock), fixed-income, international, real estate investments and alternative. The mix of investments is designed to provide high, long-term yields while minimizing exposure to risk.”
A summary of investments from the State Teachers Retirement System of Ohio shows the organization posted more than $11.2 million in real estate investments as of June 30 — down from $11.6 million over the same period a year ago.
The renovation project planned for Suite 1400 at 1900 Pearl Street has an anticipated delivery date of May 1. Entos Design of Dallas is listed as the design firm on the filing.
